Covington Capital Management reduced its stake in FedEx Co. (NYSE:FDX) by 17.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,383 shares of the shipping service provider’s stock after selling 1,580 shares during the period. Covington Capital Management’s holdings in FedEx were worth $1,116,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Utah Retirement Systems raised its position in FedEx by 0.4% during the fourth quarter. Utah Retirement Systems now owns 45,987 shares of the shipping service provider’s stock valued at $6,953,000 after purchasing an additional 200 shares in the last quarter. Watchman Group Inc. purchased a new stake in FedEx during the fourth quarter valued at about $2,310,000. Brighton Jones LLC raised its position in FedEx by 4.4% during the fourth quarter. Brighton Jones LLC now owns 1,635 shares of the shipping service provider’s stock valued at $247,000 after purchasing an additional 69 shares in the last quarter. Dupont Capital Management Corp raised its position in FedEx by 35.0% during the fourth quarter. Dupont Capital Management Corp now owns 6,479 shares of the shipping service provider’s stock valued at $980,000 after purchasing an additional 1,679 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. raised its position in FedEx by 21.2% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 4,513 shares of the shipping service provider’s stock valued at $682,000 after purchasing an additional 788 shares in the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:FDX opened at $118.31 on Thursday. FedEx Co. has a 1 year low of $88.69 and a 1 year high of $199.32. The company has a market cap of $31.36 billion, a PE ratio of -85.12, a P/E/G ratio of 1.04 and a beta of 1.57. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.21 and a quick ratio of 1.16. The stock’s 50-day moving average is $136.24 and its 200 day moving average is $150.17.
FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, March 17th. The shipping service provider reported $1.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.41. FedEx had a positive return on equity of 17.05% and a negative net margin of 0.50%. The company had revenue of $17.49 billion for the quarter, compared to the consensus estimate of $16.89 billion. During the same quarter in the previous year, the business earned $3.03 EPS. FedEx’s revenue was up 2.8% compared to the same quarter last year. Analysts expect that FedEx Co. will post 9.61 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 9th will be issued a dividend of $0.65 per share. The ex-dividend date is Friday, March 6th. This represents a $2.60 dividend on an annualized basis and a yield of 2.20%. FedEx’s dividend payout ratio is presently 16.75%.
A number of equities research analysts have weighed in on FDX shares. Berenberg Bank restated a “neutral” rating and set a $150.00 price target on shares of FedEx in a research report on Tuesday, February 4th. Raymond James decreased their price objective on FedEx from $167.00 to $150.00 and set an “outperform” rating on the stock in a report on Wednesday, March 18th. Zacks Investment Research downgraded FedEx from a “hold” rating to a “sell” rating and set a $175.00 price objective on the stock. in a report on Friday, February 21st. KeyCorp reiterated a “hold” rating on shares of FedEx in a report on Wednesday, December 18th. Finally, Credit Suisse Group decreased their price objective on FedEx from $159.00 to $121.00 and set an “outperform” rating on the stock in a report on Wednesday, March 18th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have assigned a buy rating to the stock. FedEx has a consensus rating of “Hold” and an average price target of $154.75.
In other news, Director John A. Edwardson acquired 5,000 shares of the business’s stock in a transaction on Friday, March 20th. The shares were acquired at an average cost of $111.06 per share, with a total value of $555,300.00. Following the transaction, the director now owns 82,966 shares in the company, valued at approximately $9,214,203.96. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Alan B. Graf, Jr. sold 18,829 shares of FedEx stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $110.49, for a total value of $2,080,416.21. Following the sale, the executive vice president now directly owns 201,050 shares in the company, valued at $22,214,014.50. The disclosure for this sale can be found here. 8.44% of the stock is owned by insiders.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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